Financial Crime World

Latvia Takes a Leap Forward in Beneficial Ownership Transparency

A Commitment to Financial Transparency

In recent years, Latvia has made significant strides in implementing reforms aimed at shedding light on beneficial ownership structures. The country’s efforts have been recognized internationally, with commitments made as part of the Beneficial Ownership Leadership Group and the Open Government Partnership.

Key Developments

  • Live Register: Launched in 2017, the live register provides full-economy coverage, with structured data available to the public.
  • Application Programming Interface (API): Implemented to allow for easy access to beneficial ownership information.
  • Commitment to Transparency: Latvia reaffirmed its commitment to effective implementation of beneficial ownership transparency measures and maintaining a registry or alternative mechanism at the 2023 Summit for Democracy.

International Recognition

Latvia’s efforts have garnered international recognition, with Open Ownership working closely with the Register of Enterprises to ensure data quality and accuracy. The country’s progress in beneficial ownership transparency reflects its commitment to openness and accountability.

Key Partnerships

  • Beneficial Ownership Leadership Group: Latvia is a member of this group, which aims to promote best practices in beneficial ownership transparency.
  • Open Government Partnership: Latvia has made commitments as part of this partnership to improve government transparency and accountability.

Roadmap for Improvement

While there is always room for improvement, Latvia’s progress in beneficial ownership transparency is a significant step forward. The country continues to work towards enhancing its registry and ensuring that data quality and accuracy remain high standards.

Key Areas for Focus

  • Data Quality: Ensuring that the data published on the register is accurate and up-to-date.
  • Accessibility: Making the information available to the public in a user-friendly format.
  • Compliance: Continuously monitoring and improving compliance with international standards and best practices.